Regulatory Approval Details
MobiKwik Financial Services Private Limited (MFSPL), a wholly owned subsidiary of One MobiKwik Systems Limited, has received the Certificate of Registration (CoR) from the Reserve Bank of India (RBI) to operate as a Non-Banking Financial Company (NBFC). This follows the RBI's in-principle approval granted in April 2026.
Business Model and Operations Timeline
The NBFC will commence operations with an asset-light co-lending model over the next three to six months. MFSPL plans to develop and launch credit products for both consumers and MSMEs across India, offering both secured and unsecured credit.
Strategic Objectives and Financial Targets
The NBFC aims to disburse loans worth INR 5,000 crore over the next three to four years. The company will leverage its existing technology infrastructure, data and analytics capabilities, robust risk assessment models, and collections expertise to support lending operations.
Integration with Existing Business
The NBFC registration will complement MobiKwik's existing Lending Service Provider (LSP) business by enabling direct credit origination. This provides greater flexibility in product development, faster go-to-market execution, and opportunities to improve lending economics while maintaining partnerships with established lenders.
Current Lending Performance
In Q2 FY27, MobiKwik's lending disbursals through its 11 lending partners grew 34% YoY to INR 1,083 crore. The company reported 2.2x year-on-year growth in gross profit from financial services, reflecting improved credit quality and portfolio recoveries.
Management Commentary
Upasana Taku, Co-founder, Executive Director & CFO, stated: "We are grateful to the RBI for its trust and for granting us the final NBFC registration. This marks an important milestone in MobiKwik's evolution as a full-stack fintech platform. Our strong payment network of 196 million users and 5 million merchants will benefit immensely from our ability to provide loans through our NBFC. As we scale this business, our focus will remain on responsible lending, prudent underwriting and building a sustainable lending franchise."
Company Background
One MobiKwik Systems Ltd. is India's largest digital wallet offering a comprehensive range of payments and financial products to consumers and merchants. Founded by Bipin Preet Singh and Upasana Taku in 2009, MobiKwik serves 196 million registered users and 5 million registered merchants.